Breakout stocks to buy or sell: The Indian stock market remained sideways on Thursday as the Nifty 50 index once again remained in the tight 23,500 to 23,700 range. On the Nifty weekly expiry session, the Nifty 50 index finished 139 points lower at the 23,549 mark; the BSE Sensex ended 528 points lower at 77,620, whereas the Bank Nifty Index finished 286 points lower at 49,548. However, the selling pressure extended beyond large-caps, with mid-cap and small-cap indices continuing their downward trajectory. The Nifty Mid-cap 100 Index declined 0.93%, while the Nifty Small-cap 100 Index saw a steeper fall of 1.35%. Market breadth remained decisively negative, with the BSE’s advance-decline ratio at 0.45, indicating significantly more declining shares than advancing ones.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes the overall outlook for the Indian stock market is sideways to positive. In recent sessions, the Choice Broking expert said the Nifty 50 index has sustained above the 23,500 mark on every selling pressure, making an ideal buy-on-dips market for bulls. He noted that bulls may overcome bears once the 50-stock index breaks above 23,800 on a closing basis. However, if the frontline index breaches below 23,500, the market would come under the control of bears. Amid quarterly results season, he advised maintaining a stock-specific approach and looking at breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, Indian stock market bias is sideways to positive. Despite strong selling pressure, the Nifty 50 index has sustained above 23,500, meaning the 50-stock index has crucial support at this level. However, the bullish or bearish trend can be assumed on the breakage of either side of this range. As the Q3 results for the 2024-25 season are gaining momentum after the announcement of TCS, IREDA, and some more company’s quarterly numbers, maintaining a stock-specific approach would be an ideal strategy. One can also look at breakout stocks for intraday trading.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: NDR Auto Components, Maestros Electronics, Emkay Taps and Cutting Tools, Dr Agarwals Eye Hospital, and Cartrade Tech.
Breakout stocks to buy today
1] NDR Auto Components: Buy at ₹858.90, target ₹915, stop loss ₹825;
2] Maestros Electronics: Buy at ₹222, target ₹240, stop loss ₹215;
3] Emkay Taps and Cutting Tools: Buy at ₹480.85, target ₹515, stop loss ₹460;
4] Dr Agarwals Eye Hospital: Buy at ₹6989.95, target ₹7500, stop loss ₹6400; and
5] Cartrade Tech: Buy at ₹1619.95, target ₹1725, stop loss ₹1560.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.